Over the last 3 decades, Dubai has grown at an unprecedented rate to transform from an oil-driven economy to an innovation-led business hub. Owing to its strategic location, business-friendly government policies, open economy and the presence of sector-oriented free zones, Dubai has been able to establish itself as a location of choice for corporates and entrepreneurs to open a company.
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1. Ease of Doing Business
Dubai is inarguably the most advanced emirate in the United Arab Emirates (UAE), which has been ranked 21st in the Ease-of-Doing-Business survey by the world bank this year. This is manifested in the fact that, the documents and approvals being in place, a business in Dubai can be set up in as quickly as a week. But perhaps the business vantage that Dubai is known for is its proliferation of free zones – categorized by industry domain. These offer the benefits of 100% foreign ownership, special corporate tax concessions, and full repatriation of capital and profits.
2. Free Economy and Zero Taxes
In Dubai, Government control and regulation of private sector activities is negligible, and there are no direct taxes on personal income or corporate profits. It is a free trade economy, providing for minuscule import duty and double tax treaties with most of the major commercial centres on the globe. The labor policies are liberal, with enterprises being allowed to hire employees from anywhere in the world. In addition, Dubai also has a reputation for being a clean place for carrying out business, with governmental checks in place to curb frauds or money laundering.
3. Developed Infrastructure and Logistics
Dubai is one of the most advanced cities in the world in terms of infrastructure. In fact, Dubai is ranked very high for infrastructure investment attractiveness. UAE has specialized free zones of international repute, a premier international airport, world-class seaports, a modern highway network, advanced telecommunications, and reliable power & amenities. Several international corporate firms have their headquarters in Dubai.
4. Favorable Location
Dubai is situated midway between Africa and the Commonwealth of Independent States (CIS), and Europe and the Far East. It is linked to 85 airlines to more than 130 international destinations and connected by over 120 shipping lines. As such, it is conveniently accessible from any part of the world.
5. Prosperous Standard of Living
The residents of Dubai lead a comfortable life in a booming city. It is home to a huge expat population. In terms of real estate, housing, recreational facilities, and educational institutions, Dubai is one of the most advanced in the world. It is also one of the safest cities, with one of the lowest crime rates.
Dubai is an industrial and commercial hub. It is poised to grow as a preferred destination for foreign direct investment (FDI), apart from its strides in economic diversification and sustainable development. Should you decide to open a business in Dubai, do contact us, even if it’s just for a friendly advice. We at Commitbiz have our team of experts to help you with company formation, registration, tax advisory and business consulting.